NPR - RE-THINKING MANAGING RISK IN AGRICULTURE: A COMPREHENSIVE APPROACH

Abstract:

In its simplest form, risk is defined as the uncertainty of an outcome with potentially undesirable results.
Agriculture is, without a doubt, an industry riddled with risk and uncertainty. Farmers worldwide are left to the mercy of Mother Nature and other factors beyond their control in the global marketplace.
Climate change, increasing urbanization, rising world population, trade agreements and consumer tastes are in a continual state of flux and their impact on the agricultural sector is constantly shifting – any state of stability has become the exception rather than the norm.
For farm managers, uncertainty can lead to poor planning and decision-making, and ultimately, the downfall of the farm and sector. Risk management is about thinking strategically in advance and applying a process by which uncertainty can be reduced. Farmers must be equipped with the knowledge, resources and tools to take calculated risks that support logical and effective decision-making in a timely manner.
This paper explores the development of Farm Management Canada’s Comprehensive Guide to Managing Risk in Agriculture as a management tool to increase awareness and adoption of risk management practices by Canada’s farmers within the context of perceptions of risk in agriculture for Canada.

Keywords: risk, agriculture, farm, management, Canada, knowledge
Subtheme: Exploring the new Comprehensive Guide to Managing Risk in Agriculture